How to Buy Cryptocurrency in Barbados
Buying cryptocurrency in Barbados
Unlike in Bangladesh, cryptocurrencies are completely legal and widely available in Barbados. People can purchase and trade Bitcoin and other cryptocurrencies without any limitations. There are also many popular exchanges available in the country, including Coinmama, which is one of the largest Bitcoin exchanges in the world. The citizens of Barbados can also buy Bitcoin anonymously without revealing their identity thanks to the LocalBitcoins exchange. Since this small island nation is in tons of debt, people are using Bitcoin as a financial alternative separate from the government. They can use Bitcoin to buy anything online, although the currency has not yet been adopted by major brick and mortar stores. Other popular exchanges where citizens can legally purchase Bitcoin in Barbados include eToro and CEX.io. Both of these come with perks and downsides, although neither of them will get you in trouble for using cryptocurrencies in this country.
As of 20/03/2021
These exchanges all accept customers from Barbados. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesn’t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options